Change of Year End

Our company has decided to change year end to September 30 2023 rather then Dec 31. There were transactions into the following months that I reversed but the system is not allowing me to change the Fiscal Year End as its showing the latest transaction as Dec 22, 2023 (an error from the beginning of the year when transactions should have been 2022 and were corrected)

has anyone come across this? How do i get around this so I can complete the year end at the end of the month. 

  • There are two options at this point.

    The first option is to extend your year end to Sep 30, 2024 and manually adjust the Retained Earnings when you need to print a balance sheet.  You can manually post a year end but you need to do this on Oct 1 using the numbers from Sep 30.

    The second option is to fix it through a data repair process.  There are a few people that can do it and it does cost for the service.  When I do this, I add a note to the entries to indicate what changed.  Once done, the year end is changed and the entries originally entered after Sep will still be dated after Sep in the next fiscal year.